It’s always a bonus to help a client that just happens to be a local business owner in your community. Business to business is something we really love doing at Neyens Law. We recently worked with the owners of Image360 in Woodbury, MN and got to get to know them better with a little Q & A!

Q: Why was designing an estate plan so important to you?

A:It’s been on our list of things to do for a long time — no question, it’s important to have these things buttoned up, but it’s hard to wrap your head around all that needs to be done. We wanted to make it easy for our kids and make sure that our asset value was not lost on lawyers and probate.

Image360

Q: What’s something that surprised you about your experience with Neyens Law?

A: So Simple — far easier than we could have imagined! The process went fast!

Q: What’s something most people don’t know about you that you are willing to share?

A:When I was a kid, I used to build and race Soap Box Derby Racers — and my last car is still hanging in my garage. I wish Portillo’s would take it and hang it on their ceiling instead of the one that’s there!

Q: What is your favorite family tradition and how did it become a tradition?

A:We do the things that most families do for holidays, etc. Certain family recipes are a must for holidays. If we are somewhere that doesn’t have them, we have to fix them when we get home.

Image360

Q: What sets your business apart?

A:As a signage,graphics, and display company, everything we make is custom-designed. On the display side (think lobbies of businesses, schools, churches, etc.) we do a lot of very complicated pieces with multiple materials and components — designing them is one thing, building them and installing them is another thing altogether. It takes a lot of detailed planning and project management to make those things happen and to have a really beautiful outcome when they’re all finished — essentially, we take a wall and make it a showpiece about a business or organization. All eyes are on that wall. Meticulous attention to detail is our silver bullet. It’s hard for small companies to do the volume of business that we do and still have an eye toward all those details, but it’s our mantra.

Q: What’s your favorite part of owning your own business?

A:Being an active part of the community and the people we get to work with is number one. Seeing the result of our creative work is also pretty cool — it’s really gratifying to see our work all over the place.

Image360

Q: What advice do you have for other entrepreneurs?

A: It’s harder than you think so be ready for the long hall. You have to give it everything you have to succeed – unless you are just plain lucky. You need more working capital than you think!

Q: How did you decide to start your business?

A:From scratch — no clients, no business — just an idea and a lot of blood, sweat and tears! We liked the idea of primarily B2B along with the creative and production components.

Q: Where do you find inspiration?

A:Absolutely everywhere. I’ll see something interesting — a shape, art, an application, a color (or the way the sun hits something), a design — we get a lot of ideas from modifications to things that we see in every day life. The creative opportunities in this business are really unlimited when you have an open mind.

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As 2019 draws to a close and a new decade dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. This was a relatively quiet year for changes. Still, even in a quiet year, some things change due to inflation increases, etc.

Estate Tax PlanningApplicable Exclusion rises from $11.4 million in 2019 to $11.58 million in 2020.GST Exemption rises from $11.4 million in 2019 to $11.58 million in 2020.Annual Exclusion for present interest gifts remains at $15,000.Annual Exclusion for gifts to a Noncitizen Spouse rises to $157,000 in 2020.

In a few years, at the end of 2025, the Applicable Exclusion and the GST Exemption will revert to one-half of their current levels. This isn’t really relevant for most Americans. However, if you have well in excess of these amounts, you may want to consider removing these amounts from your estate while you still have the Exclusion and Exemption to cover the transfers. You still have a few years the law is set to change unless the 2020 elections change things dramatically.

Neyens Law, PLLC

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